Tron [TRX/USD] Technical Analysis: Cryptocurrency’s bear woes continue as price continues to fall

The bear attack has been quite evident on the cryptocurrency market with several coins dropping in value. Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all broke their price supports leaving many enthusiasts and holders in a state of despair.

1 hour:

The one-hour Tron chart shows an acute downtrend, taking the price down from $0.022 to $0.0149. The cryptocurrency’s support has been holding at $0.0132 while the immediate resistance is maintained at $0.0227.

The Chaikin Money Flow [CMF] indicator has been holding below the axis line which is a bearish sign. The consistent movement below the axis shows that the money outflow is more than the inflow.

The Relative Strength Index [RSI] is at the moment maintained between the graph, a sign of the equilibrium between the buying pressure and the selling pressure.

1 day:

The one-day graph does not paint a picture for Tron as the downtrend is persistent here too. The one-day support is at $0.0139, which was formed recently.

The Bollinger band shows a rapid divergence with the upper band and the lower band both moving away from each other. The size of the Bollinger cloud also indicates that the bearish outbreak will be bigger than the cloud formed during the sideways price movement.

The Awesome Oscillator shows the bearish market momentum picking up after the absence of any movement.

Conclusion:

The Justin Sun led cryptocurrency does not look likely to escape the bear’s grasp anytime soon. The CMF, RSI, Bollinger bands and AO all take the side of the bear with no bullish reprieve anywhere to be seen.